Property in New Zealand has become very attractive to investors worldwide. Unfortunately, this means it’s become more difficult for local residents to who want to purchase homes to live in with their families. New restrictions were put in place this year that should make it easier for potential homeowners to afford property.
Families who want to purchase a home to live in themselves may discover it will be easier to locate the home of their dreams since fewer investors will be able to afford the 40 percent down payment required to purchase a property they intend to rent. The rules for owner-occupied housing have not changed with the new regulations. Individuals and families will still only need 20 percent as a deposit on a new house. Experienced mortgage brokers in Hamilton can help home buyers figure out how much they can afford before they even start looking at properties.
The first step to buying a home is for a family to determine how much they can afford. It’s important to be realistic and only consider properties within that price range. This will ensure the family doesn’t suffer financial hardship just to keep their home. With affordable home loans in Hamilton, families can continue to grow their wealth while they live in a comfortable home. Over time, as the home builds equity, it might be possible to sell it and purchase a larger home if that is in the family’s long-term goals.
A mortgage broker in Hamilton can help homeowners when they are ready to upgrade their living situation. A broker may also give advice about the best time to make a purchase. For some people, it is better to rent for a while prior to buying a house because renting offers options that buying doesn’t. Until the family is stable in their employment situation, it’s generally ideal to rent a home and save money for a future home purchase.
By working directly with our team at Mortgage & Insurance New Zealand Limited, anyone who is thinking about applying for home loans in Hamilton can get the information they need to make sure the process goes smoothly. Visit us today at www.mortgageandinsurance.co.nz to get the the help you need today.